1st Source Among Top Performing Banks in Country
Keefe, Bruyette & Woods, Inc. (KBW) recently announced the yearly Bank Honor Roll, and 1st Source was named among this year’s 16 honorees and has made the list for the third consecutive year. To be considered for this recognition, banks must be publicly traded institutions with more than $500 million in total assets and must have had 10 consecutive years of increased earnings per share.
“Receiving this recognition for the third year in a row is a great honor, and it’s a welcome confirmation, after a year of unprecedented challenges, that our focus on the long-term has been successful,” states Christopher Murphy III, Chairman and CEO of 1st Source Bank. “It is a focus on quality earnings, investing for the future, building a strong balance sheet, capital, and reserves that earned this recognition and has allowed us to continue to meet the challenges that the COVID-19 pandemic has presented. That is why we have been able to continue to meet the needs of our clients and our communities, and we are confident we will continue to serve them well into the future.”
According to the announcement issued by KBW, to account for the impact of the adoption of current expected credit loss (CECL) accounting on 2020 earnings, they modified some inclusion criteria effective with the 2021 Honor Roll. Banks that met the annual earnings per share growth requirements for all years save 2020 are eligible for inclusion, if in 2020, they reported an annual profit and annual pre-tax, pre-provision net income per share growth.
KBW is a Stifel company. Over the years, KBW has established itself as a leading independent authority in the banking, insurance, brokerage, asset management, mortgage banking and specialty finance sectors.